IFC: Azerbaijan faces risks arising from global decarbonization efforts

IFC: Azerbaijan faces risks arising from global decarbonization efforts Like other fossil fuel exporters, Azerbaijan faces risks from global decarbonization efforts, Aliya Azimova, representative of the IFC in Azerbaijan said at the event titled "Raising Ambition, Delivering Action: COP29 Sustainable Business Forum", Report i
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May 17, 2024 13:25
IFC: Azerbaijan faces risks arising from global decarbonization efforts

Like other fossil fuel exporters, Azerbaijan faces risks from global decarbonization efforts, Aliya Azimova, representative of the IFC in Azerbaijan said at the event titled "Raising Ambition, Delivering Action: COP29 Sustainable Business Forum", Report informs.

According to her, this will create structural pressures on competitiveness: "At the same time, Azerbaijan is currently facing serious physical climate risks."

Azimova noted that water scarcity is felt in the country and is expected to worsen due to erratic rainfall: "Decreased water availability and higher temperatures will put significant pressure on agriculture, which has a significant share of employment and contributes to the livelihood of the most vulnerable.

Azerbaijan can not only overcome these challenges, but as a result of climate actions, it can turn new sources of growth and new opportunities into green growth. Investments in low-carbon technologies, development of innovative solutions and building climate resilience in operations open new opportunities for Azerbaijan's private sector."

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